4 articles · Updated · msmeafricaonline.com · Jun 1
Nigeria’s POS service providers said they may halt acceptance, acquiring, processing and switching of Verve card transactions unless regulators intervene over alleged anti-competitive conduct.
The association accused Verve International and Interswitch of maintaining exclusive control over Verve processing, abusing market dominance and charging fees above Central Bank of Nigeria limits.
It also alleged unauthorized deductions from settlement accounts have weakened acquirers, processors and switches, despite members’ heavy investment in Verve acceptance infrastructure.
A suspension would disrupt payments for merchants, consumers, banks and thousands of SMEs, putting pressure on the CBN and FCCPC to respond as Nigeria’s digital payments market expands.
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